Solana price eyes $200 as meme coins, stablecoins market cap soars

Solana price has bounced back and crossed the important resistance level at $150 as meme coins in its ecosystem jump. It also soared as its stablecoin market cap jumped to a record high. Solana ( SOL ) rose to $153 on Saturday, its highest level since March 3, and 60% above the lowest level this year. This recovery has pushed its market cap to almost $80 billion. Solana’s rally occurred as investors returned to meme coins within its ecosystem, boosting their market capitalization to $10 billion, a $4 billion rise from this month’s lowest level. Most Solana meme coins have soared, with Official Trump ( TRUMP ), Bonk ( BONK ), Dogwifhat ( WIF ), and Pudgy Penguins ( PENGU ) jumping by over 60% in the last seven days. Three of its meme coins – TRUMP, Bonk, and Fartcoin — have accumulated a market cap of over $1 billion. Most of these meme coins were inspired by Fartcoin, a popular meme coin that jumped by almost 500% from its monthly lows. The rally also accelerated after Trump invited the top investors of his meme coin for dinner in May. You might also like: Nasdaq soars 6% for the week as Bitcoin eyes $100k retest The rising Solana meme coins have benefited decentralized exchange networks on its ecosystem. These DEX platforms, such as Raydium and Orca, have handled over $17 billion in volume in the last seven days. Further, the market cap of all stablecoins in Solana’s ecosystem jumped to a record high of $13.1 billion. Also, the number of active addresses on the Solana network jumped to 3.1 million. Stablecoins on Solana have soared | Source: DeFi Llama Solana price technical analysis SOL price chart | Source: crypto.news The daily chart shows that the SOL price bottomed at $95.27 earlier this month as concerns about its ecosystem jumped. It has bounced back and moved above the key resistance level at $121.17, its lowest since September last year. It formed an inverse head-and-shoulders pattern, a popular bullish sign. It has also moved above the 50-day moving average. Additionally, oscillators such as the Relative Strength Index and the MACD have continued to rise. It has also jumped above the 23.6% Fibonacci Retracement level. Therefore, the coin will continue rising as bulls target the key psychological level at $200. This target is about 32% above the current level. Read more: TAO price action shifts hints at 200% rally potential, but one key confirmation remains

Source: crypto.news